NTPC (CMP: Rs.163/ TP: -/ Upside: -)
NTPC has announced its 3QFY2013 results. The company's top-line performance was below our expectations, growing by 2.9% yoy to Rs.15,775cr. However, on the EBITDA front, the OPM expanded by 670bp to 25.3% mainly on account of 638bp yoy decrease in fuel cost (due to higher availability of domestic coal). Consequently, net profit grew by 22% yoy to Rs.2,597cr. We remain Neutral on the stock.